Established in 1981, Tanger Factory Outlet Centers, Inc. (Tanger) is a real estate investment trust (REIT). The Company invests in the real estate markets in the U.S. Tanger operates and owns, or has an ownership interest in, a group of 43 upscale outlet shopping centers and two other centers presently under construction. Tanger Outlet Centers continue to draw over 185 million shoppers each year. Tanger has its corporate headquarters in Greensboro, North Carolina.

The Company’s operating properties are situated in 21 states coast to coast and in Canada, leased to more than 3,100 stores. These stores are operated by over 490 diverse brand name companies. Tanger’s operating properties total approximatley 14.7 Million sq. ft. Tanger Outlet Centers are distinguished by a tenant mix of top designer and brand-name manufacturers. Tanger has long-standing tenant relationships with close to 500 retailers.

The Company has constructed a new Tanger Outlet Center in Daytona Beach, Florida. Tanger Outlets Daytona Beach will mark its Grand Opening on Friday, November 18, 2016, beginning at 9 a.m. ET when the stores open for business. This new Outlet Center will feature upscale brand name and designer outlet retailers. These include J. Crew Factory Store, Banana Republic Factory Store, American Eagle Outfitters, Polo Ralph Lauren Factory Store, Gap Factory Store, H&M, LOFT Outlet and many others.

Tanger has started construction of a new Tanger Outlet Center in Fort Worth, Texas. In addition, it has started a major expansion of the Tanger Outlets Center in Lancaster, Pennsylvania. The expectation is that both Outlet Centers will open next year.

In 2015, Tanger brought into service four new outlet centers (totaling 1.4 million sq. ft.). Furthermore, the Company strengthened its core portfolio via the sale of a number of non-core assets. Its 2015 Total Revenues increased 5%. The Company’s average sales per square foot was $395 in 2015.

For the first nine months of 2016, Tanger’s Same Center NOI (Net Operating Income) for the consolidated portfolio grew 3.6%, on top of a 3.9% increase for the nine months of the prior year. Its Consolidated Portfolio Occupancy Rate was 97.4% as of September 30, 2016, versus 97.2% at September 30, 2015 and 96.9% at June 30, 2016.

During the first nine months of 2016, Blended Average Base Rental Rates on space renewed and released throughout the consolidated portfolio grew 20.0%, on top of a 24.5% increase for the first nine months of 2015. Moreover, Tanger acquired partner’s ownership interest in Tanger Outlets Savannah. This increases Tanger’s legal ownership interest to 100%.

Since becoming a public company in 1993, Tanger has paid an all-cash dividend each of the 91 quarters. Moreover, it has increased its dividend each of the 22 years. The Company’s dividend is $1.30 and its dividend yield is a healthy 3.77%.

In 2015, Tanger attained a 12.7% increase in Adjusted Funds From Operations (AFFO) per share. This is more than any other high-quality mall REIT. For the three-year period ended December 31, 2015, the Company’s AFFO increased 35% per share cumulatively. This represents a compounded annual growth rate of 13%. For Q3 2016, AFFO grew 5.1% to $0.62 per share.

Moreover, for Q3 2016, Net Income grew 56.5% to $0.72 per share or $68.5 million from $0.46 per share or $43.6 million for Q3 2015. On the year-to-date basis, Net Income rose 63% to $1.76 per share to $168 million from $1.08 per share, $101.9 million, for the same period of 2015.